Marketing Information Management (Market Research): The gathering, recording, and analyzing of information about customers to improve business decision making. RESEARCH Discretionary purchases: Purchases that are not essential/customers wants Marketing Mix: Describes how a business blend the four marketing elements--product, place, price, and promotion Target Market: a particular group of consumers at which a product or service is aimed Primary Research: Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources Secondary Research: research that is based on data collected by someone else or for a purpose other than the current one. Benchmark: A measurement of the quality of a product, service, program, strategies, etc., and their comparison with standard measurements, or similar measurements of similar items.
Important Concepts to Remember:
Marketing research identifies opportunities and threats, measures consumer behaviors and attitudes, and benchmarks effectiveness of promotional programs.
The goal of market research is to help organizations achieve objectives by discovering what consumers what and how much they are willing to spend to get the company's products/services.
Market research eliminates intuition and emotion, which in turn, reduces business risks.
Market research projects must:
define the problem or opportunity
outline key objectives and goals of the study
The purpose of market research projects guide the techniques used to gather data and influence the choice of information sources.
Primary research is used when specific information is needed about the organization's products or services and when information is needed about client satisfaction.
Secondary research is used to collect information from existing sources.
Selecting between the two types of research depends on the amount of time available to conduct the research and the amount of money allocated for the purpose.
Optimal market research results are usually obtained when a combination of both primary and secondary research data are utilized.
Market research results provide the critical data to determine the market strategy. The results help determine the target market and the opportunities for a product or a service.
The objectives of benchmarking are
to determine what and where improvements are called for
to analyze how other organizations achieve their high performance levels
to use this information to improve performance.
Great video that explains what MIM is and what it does for a company.
2013 Dodge Dart Commercial - What do you think the research revealed about what customers want when buying cars?
MIM Activity Survey:
Create your free online surveys with SurveyMonkey , the world's leading questionnaire tool.
The Focus Group Process
Week One
•Company requests proposal from the research consultant.
•Proposal is developed and provided to the client. This includes a summary of the recommended methodology, the timing of the research, the costs and implementation details such as the location where the study will occur, the recruitment specifications and the general topics that would be covered in the study.
Week Two -
•Recruitment screening questionnaire is developed and provided to the client for concurrence. This provides the information we would use to find the types of people who are desired in the research.
•Moderator drafts a discussion guide. Often, this will require a meeting or phone conversation with the client. This guide outlines all topics to be covered in the research and the timing associated with each.
•Recruitment begins
Weeks Three and Four -
•Research is conducted. In almost every situation there are two or three focus groups conducted in each market, with the sessions normally occurring at 6 & 8pm and lasting for one hour and forty-five minutes. In the case of triads or one-on-one's the sessions normally will last about one hour and 3 to 5 would be held each day.
WithinFive Working Days of the Last Group -
•The Final Report is delivered. This contains the summary of the key findings from the research as well as the moderator's conclusions and recommendations.
Important Terms for this lesson:
Marketing Information Management (Market Research): The gathering, recording, and analyzing of information about customers to improve business decision making. RESEARCHDiscretionary purchases: Purchases that are not essential/customers wants
Marketing Mix: Describes how a business blend the four marketing elements--product, place, price, and promotion
Target Market: a particular group of consumers at which a product or service is aimed
Primary Research: Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources
Secondary Research: research that is based on data collected by someone else or for a purpose other than the current one.
Benchmark: A measurement of the quality of a product, service, program, strategies, etc., and their comparison with standard measurements, or similar measurements of similar items.
Important Concepts to Remember:
Great video that explains what MIM is and what it does for a company.
2013 Dodge Dart Commercial - What do you think the research revealed about what customers want when buying cars?
MIM Activity Survey:
The Focus Group Process
Week One•Company requests proposal from the research consultant.
•Proposal is developed and provided to the client. This includes a summary of the recommended methodology, the timing of the research, the costs and implementation details such as the location where the study will occur, the recruitment specifications and the general topics that would be covered in the study.
Week Two -
•Recruitment screening questionnaire is developed and provided to the client for concurrence. This provides the information we would use to find the types of people who are desired in the research.
•Moderator drafts a discussion guide. Often, this will require a meeting or phone conversation with the client. This guide outlines all topics to be covered in the research and the timing associated with each.
•Recruitment begins
Weeks Three and Four -
•Research is conducted. In almost every situation there are two or three focus groups conducted in each market, with the sessions normally occurring at 6 & 8pm and lasting for one hour and forty-five minutes. In the case of triads or one-on-one's the sessions normally will last about one hour and 3 to 5 would be held each day.
Within Five Working Days of the Last Group -
•The Final Report is delivered. This contains the summary of the key findings from the research as well as the moderator's conclusions and recommendations.